Cardano At $0.45, Which Levels Are The Bears Aiming For?
July 03 2022 - 9:00PM
NEWSBTC
Cardano has slipped considerably on its chart over the last week.
After losing support at $0.62, ADA has been on a freefall. On the
daily chart, the coin has been trading in a descending channel. ADA
has now secured $0.42 as its immediate support. Buying pressure has
fallen on the chart as ADA has continued to display bearish
sentiment. The bulls have been favouring the sellers and if it
continues to do the same, the coin might break below the
aforementioned support level. From the technical outlook it appears
the Cardano might continue to descend further before it registers
an upward movement. A strong revival cannot be predicted just yet,
however, if buyers re-enter the market the coin could witness some
relief. The global cryptocurrency market cap today is $914 Billion
with a 0.3% positive change in the last 24 hours. Cardano Price
Analysis: Four Hour Chart ADA was trading at $0.46 on the four hour
chart. As the coin broke the $0.62 level, the coin has depreciated
in value substantially. Over the last week, the coin lost close to
4.8% of its market value. Over the past couple of days, the coin
has mostly oscillated between $0.47 and $0.45 respectively. Local
support for the coin stood at $0.42, while the resistance for ADA
was at $0.53. As buying strength has remained low, a move above the
$0.47 mark seems difficult. The amount of ADA traded diminished
significantly indicating bearish pressure. The volume bar was red
signifying negative price action on the chart. Technical Analysis
The altcoin displayed a fall in buying strength after it tried to
recover shortly on the chart. The fresh decline on the chart pushed
buyers outside the market. The Relative Strength Index depicted a
downtick as the indicator was parked near the 40-mark. This
indicated that sellers outnumbered buyers in the market. On the
20-SMA line, ADA was below the 20-SMA line which signalled that
sellers were driving the price momentum in the market. If demand
returns then ADA would push itself over the 20-SMA line gathering
some bullishness over the next trading sessions. Suggested Reading
| Cardano (ADA) Looks To Recover After Sliding To $0.43 –
Pressure’s On For The Bulls In accordance with the falling buying
pressure, capital outflows also increased. The Chaikin Money Flow
depicts capital inflows and outflows in the market. CMF was seen
below the zero-line, which meant that capital inflows have remained
lesser than outflows. This meant that selling pressure has mounted
in the market. The Directional Movement Index portrays the price
momentum and possible reversals. The DMI was bearish as the -DI
line was above the +DI line. The ADX (red) was nearing 20
displaying that there was weakness in the current price momentum.
For Cardano to experience northbound movement, buyers need to take
over the market. Suggested Reading | Dogecoin (DOGE) Could Use Some
Lift – An Elon Musk Tweet, Perhaps? Featured image from The
Forbes.com, chart from TradingView.com
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024